New Jersey Resources Beneish M-Score Historical Data
The historical data trend for New Jersey Resources's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
New Jersey Resources Beneish M-Score Chart
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New Jersey Resources Annual Data
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Trend |
Sep14 |
Sep15 |
Sep16 |
Sep17 |
Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
| Beneish M-Score |
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-2.78 |
-2.90 |
-2.39 |
-2.49 |
-3.19 |
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New Jersey Resources Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.15 |
-2.81 |
-3.20 |
-3.19 |
-3.33 |
Competitive Comparison of New Jersey Resources's Beneish M-Score
For the Utilities - Regulated Gas subindustry, New Jersey Resources's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
New Jersey Resources's Beneish M-Score Distribution in the Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, New Jersey Resources's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where New Jersey Resources's Beneish M-Score falls into.
New Jersey Resources Beneish M-Score Calculation
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of New Jersey Resources for today is based on a combination of the following eight different indices:
| M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
| = | -4.84 | + | 0.92 * 0.9765 | + | 0.528 * 0.6187 | + | 0.404 * 1.1474 | + | 0.892 * 0.5778 | + | 0.115 * 0.9306 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1847 | + | 4.679 * -0.059847 | - | 0.327 * 0.9681 |
| = | -3.33 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
| This Year (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $276 Mil.
Revenue was 467.21 + 331.325 + 264.075 + 644.027 = $1,707 Mil.
Gross Profit was 195.295 + 106.601 + 49.731 + 226.428 = $578 Mil.
Total Current Assets was $677 Mil.
Total Assets was $6,749 Mil.
Property, Plant and Equipment(Net PPE) was $5,272 Mil.
Depreciation, Depletion and Amortization(DDA) was $157 Mil.
Selling, General, & Admin. Expense(SGA) was $29 Mil.
Total Current Liabilities was $962 Mil.
Long-Term Debt & Capital Lease Obligation was $2,888 Mil.
Net Income was 89.411 + 37.024 + 1.532 + 110.247 = $238 Mil.
Non Operating Income was 6.341 + 10.938 + 5.711 + 4.779 = $28 Mil.
Cash Flow from Operations was 46.415 + 91.095 + 44.777 + 432.068 = $614 Mil.
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Total Receivables was $490 Mil.
Revenue was 723.567 + 765.486 + 552.335 + 912.316 = $2,954 Mil.
Gross Profit was 227.723 + 118.951 + 71.041 + 201.22 = $619 Mil.
Total Current Assets was $1,012 Mil.
Total Assets was $6,610 Mil.
Property, Plant and Equipment(Net PPE) was $4,916 Mil.
Depreciation, Depletion and Amortization(DDA) was $136 Mil.
Selling, General, & Admin. Expense(SGA) was $43 Mil.
Total Current Liabilities was $1,066 Mil.
Long-Term Debt & Capital Lease Obligation was $2,829 Mil.
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1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
| DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
| = | (276.416 / 1706.637) | / | (489.909 / 2953.704) |
| = | 0.161965 | / | 0.165863 |
| | = | 0.9765 |
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
| GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
| = | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) |
| = | (618.935 / 2953.704) | / | (578.055 / 1706.637) |
| = | 0.209545 | / | 0.33871 |
| | = | 0.6187 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
| AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
| = | (1 - (676.958 + 5272.399) / 6749.048) | / | (1 - (1011.824 + 4915.661) / 6610.094) |
| = | 0.118489 | / | 0.103268 |
| | = | 1.1474 |
4. SGI = Sales Growth Index
Ratio of Revenue in year t to sales in year t-1.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
| SGI | = | Sales_t | / | Sales_t-1 |
| = | Revenue_t | / | Revenue_t-1 |
| = | 1706.637 | / | 2953.704 |
| | = | 0.5778 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
| DEPI | = | (Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) | / | (Depreciation_t / (Depreciaton_t + PPE_t)) |
| = | (135.539 / (135.539 + 4915.661)) | / | (156.545 / (156.545 + 5272.399)) |
| = | 0.026833 | / | 0.028835 |
| | = | 0.9306 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
| SGAI | = | (SGA_t / Sales_t) | / | (SGA_t-1 /Sales_t-1) |
| = | (29.274 / 1706.637) | / | (42.766 / 2953.704) |
| = | 0.017153 | / | 0.014479 |
| | = | 1.1847 |
7. LVGI = Leverage Index
The ratio of total debt to Total Assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase in leverage
| LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
| = | ((2887.846 + 962.032) / 6749.048) | / | ((2828.513 + 1066.241) / 6610.094) |
| = | 0.570433 | / | 0.589213 |
| | = | 0.9681 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
| TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (238.214 - 27.769 | - | 614.355) | / | 6749.048 |
| | = | -0.059847 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
New Jersey Resources has a M-score of -3.33 suggests that the company is unlikely to be a manipulator.
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